RE:All I can say Two points for people to consider when reading this observation, if it is indeed factually correct. The points that make the observation more informative.
First, unless 4 million shares were sitting on the bid at the same time, 4 million shares likely would not have been bought. For example, someone wanting to buy 500k shares could have tried over 8 days and had their 500k bid been filled the first day, the other 7 days would not have seen this bid. That clarity has not been provided by the source.
The second point is that these bids were not filled because of no sellers at that level. As shareholders that want to see their investment rise, it is important to have investors willing to spend a fraction of a cent more to acquire shares rather than to wait for someone to want out. The point that currently shareholders are holding on to see what comes next is valid. That could change as soon as one shareholder needs money for whatever purposes that has nothing to do what is going on with TEI.